02/05/25
What's Happening in Kansas City Real Estate This Week

As we move further into the year, the Kansas City real estate market is showing solid signs of growth, with an increase in listings and a significant rise in sales. While there are still some fluctuations in pricing and days on market, the market is trending in a positive direction. Let’s break down this week’s numbers and what they mean for buyers and sellers in the market.

New Listings:

The number of homes being listed has seen a big jump this week, up 23% to 563 homes. This increase is great news for buyers, as it means there are more options to choose from. Sellers are getting more active as we move into the spring market, and it’s likely that we’ll continue to see more homes coming on the market in the coming weeks. If you’ve been waiting for the right time to start your search, now’s a great opportunity!

Homes Sold:

There’s also a significant increase in the number of homes that sold, up 36% to 584 homes. This surge in sales is a strong indication that buyer activity is picking up, and that the market is warming up for the spring. Buyers who were hesitant earlier in the year are now pulling the trigger, which means there are more opportunities for sellers who are pricing their homes right.

Average List Value:

The average list value has decreased by 1%, now sitting at $347,937. This slight dip in list value could reflect sellers adjusting their pricing to remain competitive as more homes come onto the market. With more inventory available, it’s important for sellers to ensure their properties are priced right to attract attention. For buyers, this could present opportunities to find homes at more affordable price points.

Average Sold Price:

The average sold price has decreased by 2%, now sitting at $356,628. This small drop in price may indicate that homes selling are slightly less expensive than before, or that the market is seeing more entry-level homes moving quickly. For buyers, this means there might be some deals to be found, but prices are still relatively strong for homes that are priced well and in desirable locations.

Price Reductions:

The number of listings with price reductions has increased by 31%, now totaling 506 homes. This suggests that some sellers are adjusting their prices in response to the increase in competition. If you're a buyer, this could be a good opportunity to find a home that’s been price-reduced and negotiate even further. Sellers, be sure to price your homes carefully to avoid these reductions that could turn buyers away.

Homes Going Back on the Market:

The number of homes going back on the market has increased by 6%. This can often mean that buyers are taking longer to make decisions or that deals are falling through for various reasons. If you’re considering a home that has come back on the market, it’s important to do a thorough review to understand why it wasn’t able to close in the first place.

Pending Sales:

One of the most encouraging signs this week is the 28% increase in pending sales, bringing the total to 752 homes. This increase in pending contracts is a strong signal that buyer activity is on the rise. With more homes under contract, we can expect a busy spring season ahead, and sellers are seeing more traction on their listings. If you’re thinking about selling, this trend suggests that now is a good time to move forward.

Average Days on Market:

The average number of days on market has increased by 13%, now at 54 days. While homes are still selling relatively quickly, this increase in days on market suggests that buyers may be taking their time making decisions. Sellers should be patient during this period and ensure their homes are priced competitively and in good condition to avoid sitting on the market for too long.

What Does This Mean for You?

Overall, the Kansas City real estate market is showing positive movement. With more homes listed, higher sales, and a significant increase in pending contracts, we can expect a strong spring market. While there are some fluctuations in pricing and days on market, these adjustments are normal as the market transitions.

Sellers should be mindful of price reductions and competitive pricing, especially as more homes enter the market. For buyers, the increased inventory and slight price adjustments could present a great opportunity to find a home that fits your needs.